Valley Economic Development Center Inc

“The organization does not have a committee with authority to act on its behalf”

“Form 990 was prepared by an outside cpa using information provided by vedc. The form 990 is then reviewed by the company's financial advisor who submits any changes to the cpa. The updated form 990 was then reviewed and approved by management. The form 990 is executed by management and filed.”

“Valley economic development center, inc. Regularly and consistently monitors and enforces its conflict of interest policy using the following procedure: board members and employees complete a conflict of interest disclosure from when they join the organization. The chair of the board follows up on potential board conflicts. Employees and board members are requested to notify vedc if any changes occur that require disclosure of a conflict of interest.”

“The board of directors independently sets the ceo/president's compensation by using comparability data consisting of salary surveys and internet searches. Their deliberations and decisions are documented in the minutes of their meetings. The ceo/president independently sets the compensation of the remaining officers and key employees by using comparability data consiting of salary surveys and internet searches. These deliberations and decisions are documented in the employee files of the respective employees.”

“Governing documents, conflict of interest policies, and financial statements are available to executive staff and the board directors. Upon request from the general public, the organization will provide access to these documents as required by law.”

“The organization entered into bankruptcy on july 2, 2019.”

“Consulting fees: program service expenses 130,559. Management and general expenses 1,165,022. Fundraising expenses 0. Total expenses 1,295,581.”

“Line 3b financial audits vedc as a result of the bankruptcy filing and liquidation of its assets to the creditors of the company - did not undergo the required audits for 3/31/20. Under the review of the bankruptcy court, no audits are planned. All assets of vedc were transferred to a liquidating trust on april 30,2020. The company ceased to exist on april 30, 2020.”